The global advanced energy market is estimated to reach $3,258.7 billion by 2030, growing at a CAGR of 6.8% from 2021 to 2030. Advanced energy consists of technologies, products, and services in the categories including power generation, electricity delivery & management, building efficiency, water efficiency, transportation, and fuel production & delivery. This is advantageous to our modern energy systems and enable transformation of energy systems into reliable, affordable, consumer choice, and development across the above-mentioned sectors. Advanced energy offers highly engineered, precision power solutions, reduction in electricity consumption, and benefits technologies which tend to grow the adoption of renewable resources.
The technology required to construct a contemporary, high-performing, and economical energy system present enormous growth prospects toward various enterprises and industries across the globe through advanced energy systems. It is a dynamic and complicated collection of resources, technology, and services that work together to satisfy consumer’s changing demands which is further anticipated to drive the growth of the market in the future. In addition, advanced energy is dependable and environment friendly; hence, it is in high demand in the industry. Moreover, advanced energy refers to various technologies, goods, and services that make energy consumption more sustainable, secure, and affordable. The growth of advanced energy market is fueled by uninterrupted innovation through R&D and active government policies. Advanced energy aims to improve the security, efficiency, and affordability of existing energy systems.
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The concern about the reduction of greenhouse gases emissions, low efficiency levels, and lack of progression in the application of the nuclear power are expected to restrain the growth of the advanced energy market during the forecast period. However, developing new resources require large initial investments to build infrastructure. These investments increase the cost of supplying electricity, especially during early years. Initially, the developers had to find publicly acceptable sites with good resources and with access to transmission lines. Finding a potential site requires several years of monitoring to determine whether it is suitable. In addition, the workers need to be trained to install, operate, and maintain the new technologies. Some require operating experiences in certain climatic conditions, before the performance can be optimized. All these factors are anticipated to hamper the market growth in the future.
By end use, the advanced energy market analysis is segregated into electricity generation, electricity delivery & management, building efficiency, water efficiency, transportation, and fuel production & delivery. The electricity generation segment registered the highest advanced energy market share of about 40.9% in 2021 and is expected to maintain its dominance during the forecast period. This is attributed to rise in electricity generation from diverse set of established and new technologies, such as nuclear, renewable, coal, oil & gas, biofuel, and others across the globe. In addition, distributed generation is growing rapidly at residential, commercial, industrial, and municipal buildings or facilities which, in turn, is projected to drive the growth of the advanced energy market during the forecast period.
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Region-wise, the advanced energy market forecast is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific advanced energy market is projected to grow at the highest CAGR of 7.1% during the forecast period, owing to rise in industrialization as well increase in population, which resulted in rise in demand for electricity generation, transmission, and distribution across the region. The advanced energy market has grown considerably in countries such as China, Japan, India and others. China is one the key players in hydropower, wind power, solar photovoltaic, and became the world’s largest producer of bioelectricity in 2020. This further is expected to drive the growth of the advanced energy market in the future.
Key players operating in the global advanced energy market industry include ALSTOM, Advanced Energy Industries, Inc., Cummins Inc., Clean Energy Fuels, ENN Energy Holdings Limited, Ford Motor Company, Itron, Inc., Schneider Electric, Siemens AG, and SHELL PLC.
Other players operating in the value chain of global advanced energy market include BG Group, Silver Spring Networks, Brammo Inc., ENN Energy Holdings, and others.
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Covid-19 scenario:
- The advanced energy market suffered during the pandemic, due to the presence of strict regulations regarding social distancing and lockdown.
- The prolonged lockdown disrupted the supply chain, while ban on cross-border export-import created challenges in the industry.
Covid-19 scenario:
- The advanced energy market suffered during the pandemic, due to the presence of strict regulations regarding social distancing and lockdown.
- The prolonged lockdown disrupted the supply chain, while ban on cross-border export-import created challenges in the industry.
The report segments the global advanced energy market on the basis of application and region.